Fidelity Board Nominates New Fund Director

Fidelity Investments of Boston is likely to be adding a new member to its funds' boards of directors early next year.

The board of directors of Fidelity New York Municipal Trust has nominated Ned C. Lautenbach, a partner in the investment firm of Clayton, Dubilier & Rice of New York, to serve as a new director on the fund board. Lautenbach, 55, will take the place of E. Bradley Jones, who is retiring. Jones will turn 72 this year, the mandatory retirement age for Fidelity fund directors.

Lautenbach's nomination was disclosed in a preliminary proxy statement New York Municipal Trust filed with the SEC Nov. 3. Shareholders are scheduled to vote on Lautenbach's nomination at a meeting Feb. 16. If elected, Lautenbach will be one of nine independent trustees on the 12-member board.

The New York Municipal Trust is the first of more than 230 Fidelity fund boards to which Lautenbach will be nominated, according to a company spokesperson. Shareholders must vote on all of the nominations separately.